Resource Management - Research Paper Example

Managing resources is critical issue within the project management as projects are temporary works with specific goals and objectives which need to achieved within a defined time span. The resources of the projects are important integrating factors that facilitate in completion of the scheduled tasks within the allotted time (Barkley, 2006). Hence, human resource, required equipment, finance etc. become key resources that need to be utilized efficiently for optimal productivity. The three main ways to manage resources are: preparing time bound schedules for various stages of the project; allocating resources efficiently for current and projected schedules; and creating resource pool where information can be shared across the project management and team members to monitor its progress and get feedback on factors that could adversely impact progress or slow it down.

The interdependency of resources in the project is very essential ingredient that necessitates efficient allocation of the resources that must be monitored constantly for timely delivery of goals. Indeed, lack of efficiency in any resources could delay the project, leading not only financial loss but also have adverse impact on the market credibility of the firm. The regular evaluation of resources also helps to apply contingencies and helps to reschedule tasks so that the project is finished on time.

Most importantly, resourceful team work is key factor because the team members share various tasks allotted within schedules that need to be completed timely. Strong team work helps to complement each other’s work and enhances performance of the individuals and team for improved productivity. Thus, team members must promote cross cultural understanding and inculcate mutual respect so that conflicts could be resolved early and progress of the tasks is not impeded. (words: 279)ReferenceBarkley, B. T. (2006) Integrated Project Management.

NY: McGraw-Hill.